The crisis-hit country, which secured a $3 billion staff-level agreement with the International Monetary Fund (IMF) in mid-December, has been hesitating due to the long delays faced by other countries using the process, one source familiar with the government's thinking said.
The West African country must restructure its debt to get the final approval to access the IMF funds. In December, Ghana launched a domestic debt exchange and later said it would default on nearly all of its $28.4 billion of external debts.
Ghana's public debt was 467.4 billion cedis ($47.7 billion) in September 2022, of which about $4 billion was bilateral, according to the Institute of International Finance. Of that, $1.9 billion was held by Paris Club of creditor countries and $1.7 billion by China.
The source said Ghana had reached out to the Paris Club in December to ask for assurances that the Common Framework process, set up by the Group of 20 leading economies in 2020 in response to COVID-19, could be expedited.